Tether mints another $1.5B – It helped Bitcoin climb
Tether mints another $1.5B – It helped Bitcoin climb
According to a post from Lookonchain dated May 17, the price of Bitcoin increased from $27,000 to $73,000 in large part due to the newly created USDT. Tether may also directly contribute to the rise of Bitcoin. To diversify the stable coin’s backing assets, the company stated that it would invest 15% of its net profit in Bitcoin.
According to Bitinfocharts, Tether became the seventh-largest holder of Bitcoin when it acquired 8,888 BTC on March 31 for $618 million. One year after announcing its plan to diversify into Bitcoin, Tether’s wallet currently holds more than 78,317 BTC, which are worth more than $5.18 billion.
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In the meantime, institutional inflows into spot Bitcoin exchange-traded funds (ETFs) still dominate the price action of Bitcoin. According to Dune, the Bitcoin ETFs in the United States experienced their second week of net positive outflows, accumulating a total of over $200 million in net flows thus far.
Kraken is “actively reviewing” plans to comply with the forthcoming MiCA framework, according to a Bloomberg report from May 17. Two phases will be used to implement the regulation: Stablecoins (also known as asset-referenced cryptocurrencies, or ARTs) and e-money tokens (also known as EMTs) will be subject to regulations beginning on June 30, 2024, while crypto service providers will be subject to regulations beginning on December 30, 2024.
